Shares of Garden Reach Shipbuilders and Engineers Ltd were trading in the red and 3% lower on 9 April despite the company announcing securing an order worth Rs 489.98 crore from the Geological Survey of India.
As per the company’s regulatory filing, the scope of the order covers the design, building, and delivery of two coastal research vessels that have to be delivered within 26 months of the signing of the contract.
In other news, Garden Reach Shipbuilders and SWAN Defence and Heavy Industries Ltd signed a memorandum of understanding on Tuesday, 8 April to strengthen indigenous commercial shipbuilding capabilities.
The collaboration will concentrate on the construction of commercial boats and offshore structures, with an eye on both international clientele and national marine interests.
Last month, the company signed another Memorandum of Understanding with PWD Nagaland to deliver eight sets of Double Lane Modular Steel bridges to the state. This is Garden Reach’s first MoU with a North-Eastern state. The corporation has not revealed the transaction’s value.
At 12:20 pm, the shares of Garden Reach were trading 1.81% lower at Rs 1,537.40 on NSE.
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